If you are planning to launch your product in to the market, there are certain factors you will have to consider the quality of the product, the price, the place and the promotion. This is called the 4ps of a marketing plan. Promotion is an integral aspect of a marketing plan. If you have reached the step of considering promotion, then you can now proceed to know about promotional mix. The promotional mix is one of the 4 Ps of the marketing mix.
It comprises public relations, and a great deal of strategic advertising, sales promotions well as personal selling. The purpose of promotional mix is to create brand awareness but more importantly, it is to develop organizational goals and profits. Now that you have a clear idea about promotional mix, here are the following types of promotions below.
This is an aspect of promotional mix which focuses on the one to one communication between buyers and customers. The one to one communication enables direct contact with prospects and customers. It is an expensive form of promotion but it has successful results. This form of promotion is impactful as it creates a seller-buyer relationship.
It is a specific marketing communication that involves placing advertisements on a purchased area within a medium; for instance television, radio, print, digital marketing channels. Advertising also means to insert marketing messages. The purpose of advertising is to sell a product or a service. It is also used to advance an idea through the paid distribution of marketing communication.
This factor enables an organization to impact a target audience. Public relations also create an admirable and positive image of the company. Usually the company tries to communicate with the audience by displaying information about the company and its product or services. If something goes wrong during this process or at the information front; therefore the public relations department intervenes and focuses on reshaping the public image. There are certain factors which you need to consider while developing a promotional mix.
- You need to determine your target market. The target market will represent the customers’ needs and also some knowledge regarding the preferences and behaviors of the targeted customers.
- The objective has to be determined. You need to have some expectations regarding the implementation of your promotional mix.
- Create your message, focus on the content and format.
- Choose the suitable promotional channels
- Also, determine your budget.
Sales promotion is a popular kind of promotion. It involves the use of media and non-media marketing communications within a certain period to increase awareness and intrigue, to make the product or idea more desirable, to convince the target audience to purchase or give response. This promotional act tends to increase sales and is suitable for informing prospects about new products. It’s also a great technique to interact and recapture old or lost customers. Examples of sales promotion are product samples and coupons.